YeePay, one of China's leading third-party payment institutions, has selected ClearBank, a UK-based real-time clearing and embedded banking provider, as its safeguarding bank partner for its expansion into the UK and European markets.
According to the official press release, the partnership supports YeePay's applications for Electronic Money Institution (EMI) licences with the UK's Financial Conduct Authority (FCA) and De Nederlandsche Bank (DNB) in the Netherlands.
YeePay processes over USD 720 billion in transactions annually and provides digital payment and cross-border payment services across more than 200 countries and regions. Its international expansion strategy focuses on obtaining local licences in key markets, including the UK and the Netherlands, to serve merchants seeking locally regulated payment infrastructure as they enter European markets.
Banking infrastructure and regulatory support
Once YeePay's EMI licences are approved, ClearBank's infrastructure will provide indirect access to UK and European payment schemes, enabling YeePay to issue named local virtual IBANs to its merchant customers for collections, payouts, and safeguarded funds. ClearBank will also onboard existing regulated entities within the YeePay group to enable certain payment activities and VIBAN issuance within their existing regulatory permissions ahead of full licence approval.
The partnership reflects a growing pattern of Asia-based fintechs with substantial transaction volumes seeking regulated UK and European banking infrastructure as they pursue international expansion. ClearBank obtained its European banking licence in 2024, extending its ability to serve clients requiring banking services across both the UK and the EU.
Commenting on the news, Yu Chen, Co-Founder of YeePay, noted that ClearBank's regulatory expertise and banking infrastructure will be an important part of unlocking expansion into the UK and European markets. Adding to this, Mark Fairless, CEO of ClearBank, mentioned that the partnership demonstrates how the company combines scalable infrastructure with regulatory expertise to support international growth for Asian-based clients.
In the fall of last year, Worldline joined forces with YeePay to unlock cross-border payment opportunities in China's aviation and travel landscape. The collaboration was set to combine Worldline's global acquiring network and expertise in European aviation payments with YeePay's deep expertise in China's travel payment ecosystem.
